LONDON, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s Fishmeal & Fish Oil Global Market Report 2023, unveils an impressive compound annual growth rate (CAGR) of 7.9%, with the fishmeal & fish oil market size projected to rise from $9.00 billion in 2022 to $9.71 billion in 2023. The forecast continues to be on arise, with expectations of reaching $12.92 billion by 2027, with a CAGR of 7.4%.
Health Consciousness Fuels Demand for Fishmeal and Fish Oil
In a world increasingly focused on health and well-being, the fishmeal and fish oil market is reaping the benefits. The rise in health consciousness, a reflection of how much people care about their health, is driven by shifting lifestyles. Fish, known for its high-quality, low-fat protein and rich in Omega-3 fatty acids and vitamins D and B2, has become a dietary staple. Recommendations for a healthy diet include incorporating fish at least twice a week, propelling the demand for fish meals and fish oil. For instance, a survey by Vida Health, a leading US-based virtual care platform, revealed a 49% increase in food logs among its 10,000 users in July 2020, signifying heightened awareness and meticulous tracking of dietary habits. The growing health consciousness among individuals is a driving force behind the fishmeal and fish oil market's expansion.
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Strategic Partnerships Shape the Future of Fishmeal and Fish Oil
Innovative trends are reshaping the industry, with strategic partnerships taking center stage. Major players are collaborating to leverage their resources and secure their positions in the market. For example, in October 2022, Algorithm, a US-based omega-3 solutions provider, partnered with Natures Crops International, a US-based specialty plant oil manufacturer, to create two groundbreaking omega oil combinations, Ahiflower 80DHA and 150DHA. These vegan sources of omegas offer a broad range of health benefits and excellent sensory qualities. These strategic alliances are propelling innovation and expanding product offerings in the fishmeal & fish oil market.
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Global Reach and Market Segmentation
In 2022, Asia-Pacific led the fishmeal and fish oil market, demonstrating its dominance. The market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The global fishmeal and fish oil market is segmented by type (Steam Dried - SD, Flame Dried - FD), source (Salmon and Trout, Marine Fish, Crustaceans, Tilapia, Carps, Other Sources), and application (Aquaculture and Aquatic Feeds, Land Animal Feeds and Livestock, Agriculture and Fertilizers, Pharmaceuticals, Dietary Supplements, Other Applications).
Fishmeal & Fish Oil Global Market Report 2023 by The Business Research Company provides insights on the fishmeal & fish oil market size, fishmeal & fish oil market segments, fishmeal & fish oil market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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